A certificate of making good defects, also known as a defects certificate, is typically issued at the end of the defects liability period.
practical completion
The benefits for a client using bonds in a project include financial protection, reduced risk, enhanced credibility and peace of mind.
A guaranteed bond is a bond whose interest and principal payments are guaranteed by a third party.
The Penultimate Certificate is produced by the Contract Administrator stating that the Contractor has achieved Practical Completion.
A performance bond, also known as a contract bond, is a surety bond issued by an insurance company or a bank to guarantee satisfactory completion of a project by a contractor.
The Certificate of non-completion is issued by the Contract Administrator when the Contractor fails to meet the agreed Date of Practical Completion.
The date of Practical Completion is the date set be the Contract Administrator and agreed by the Contractor that all works under the contract will be completed.
Practical completion is the point in construction when the Contract Administrator confirms the completion of construction works of a project.
Both the rectification and maintenance period start as soon as the project reaches Practical Completion and run for the same time approximately.
A Contingency is an item found within a Bill of quantities (BoQ). This item refers to unforeseeable costs or risks likely to be incurred during the contract.
Bonds in construction provide security by guaranteeing that a contractor will complete a project according to the terms and conditions outlined in the contract
In construction, a bond is a financial guarantee that a contractor will complete a project according to the terms and conditions outlined in the contract.
Retention during a valuation is a percentage (often 5%) of the amount certified as due to the contractor on an interim certificate that is retained by the client.